At the beginning of the year, QP Company had the following standard cost sheet for one of its plastic products. QP planned to produce 500 units for the year. Direct materials (6) pounds at $2.00 per pound) $12.00 Direct labor (5 hours at $18 per hour) 90.00 Standard prime cost per unit $102.00 QP uses a standard costing system. During the year, a variable overhead rate of $4.50 per direct labor hour was used. Actual results: Actual number of units produced: 470 Materials purchased: 3,200 pounds at $2.35 per pound Materials used in production: 3,040 pounds Direct labor: 2,500 hours at $17.50 Actual variable overhead: $14,500 Compute the following variances. Remember to label your answers with an F or U. 1. Labor rate variance 2. Labor efficiency variance

At the beginning of the year, QP Company had the following standard cost sheet for one of its plastic products. QP planned to produce 500 units for the year. Direct materials (6) pounds at $2.00 per pound) $12.00 Direct labor (5 hours at $18 per hour) 90.00 Standard prime cost per unit $102.00 QP uses a standard costing system. During the year, a variable overhead rate of $4.50 per direct labor hour was used. Actual results: Actual number of units produced: 470 Materials purchased: 3,200 pounds at $2.35 per pound Materials used in production: 3,040 pounds Direct labor: 2,500 hours at $17.50 Actual variable overhead: $14,500 Compute the following variances. Remember to label your answers with an F or U. 1. Labor rate variance 2. Labor efficiency variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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